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(1) If the fair market value exceeds the gross <br />amount the family received by more than <br />$1,000, count the whole difference between <br />the cash value and the amount received; or <br />(2) If the difference between the cash value and <br />the amount received is less than $1,000, <br />disregard as an asset. <br />m. Value of a home currently being purchased with <br />assistance under 24 CFR 982, Subpart M, ten (10) <br />years after the purchase date of the home. <br /> 6. Asset does not include: <br />a. Interest in Indian trust land and equity accounts <br />in HUD homeownership programs. <br />b. The value of necessary items of personal property <br />such as furniture and automobiles, unless such <br />items are deemed by the Agency as for investment. <br />c. The value of a home currently being purchased with <br />assistance under 24 CFR 982, subpart M only during <br />the first ten (10) years after the purchase date <br />of the home. <br />7. Period for Determining Income <br />a. Under normal circumstances the Family’s income <br />shall be the projected amount anticipated for a <br />12-month period; or <br />b. If the circumstances are such that it is not <br />possible to anticipate a level of income over a <br />12-month period, a shorter period may be <br />annualized subject to a re-determination at the <br />end of the shorter period. <br />8. Families with Zero (0) Anticipated Annual Income <br />A family with no visible means of income support may be <br />issued a Voucher, providing that the following <br />conditions be met: <br />a. The family signs an affidavit stating they receive <br />no income from any source at the initial <br />eligibility determination; and <br />Rules and Regulations <br />-30- <br />0010ARslh-TBRA <br />11/01/2007 <br /> <br />